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Maine Free Printable 2023 Form 2210ME for 2024 Maine Underpayment of Estimated Tax

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Underpayment of Estimated Tax
2023 Form 2210ME

Clear Form 2210ME 2023 Print Underpayment of Estimated Tax by Individuals, Estates, or Trusts Enclose with your Form 1040ME or Form 1041ME Attachment Sequence No.12 (See instructions on back) For calendar year 2023 or fiscal year beginning ___________________________ , 2023 and ending _____________________________ , _________ Name(s) as shown on Form 1040ME or 1041ME Your SSN or EIN (do not enter / or -) Part I — Calculating Your Underpayment 1. 2023 tax. (Form 1040ME - line 24 minus lines 25c, 25d, and 25e or Form 1041ME - line 6 minus any refundable _ tax credit included on Form 1041ME, line 7c.)................................................................................................................................ 1._______________ 2. Multiply tax on line 1 by 90% (66 2/3% for farmers and persons who fish commercially)............................................................... 2._______________ 3. 2023 Maine Income Tax Withheld. (Form 1040ME, line 25a, or Form 1041ME, line 7a.) .............................................................. 3._______________ 4. Subtract line 3 from line 1. If the result is less than $1,000, do not complete or file this form......................................................... 4._______________ 5. 2022 tax. (2022 Form 1040ME, line 24 minus lines 25c, 25d, and 25e or 2022 Form 1041ME, line 6 minus any refundable tax credit included on Form 1041ME, line 7c.) If short year, enter the amount from line 2. If less than $1,000, do not complete or file this form.... 5._______________ 6. Enter line 2 or line 5, whichever is less........................................................................................................................................... 6._______________ 7. Multiply the amount on line 6 by .25 (to compute the amount for line 9). Enter result here............................................................ 7._______________ 8. Due dates for estimated tax payments...................................................... 8. 9. Estimated tax due. Enter amount from line 7 above or line 25 of annualized worksheet under each payment due date................................ 9. A April 18, 2023 B June 15, 2023 C Sept. 15, 2023 D Jan. 16, 2024 10. Less tax payments. a. Tax withheld. Enter 25% (0.25) of line 3 in each column.................... 10a. b. Estimated tax paid by due date on line 8...........................................10b. c. Amount carried forward (overpaid) from line 11b, previous column. For column A, enter credit carried forward from previous tax year....... 10c. d. Total. Add lines 10a, 10b, and 10c.....................................................10d. 11. Subtract line 10d from line 9 (may be a negative amount)....................... 11. a. If line 9 is larger than line 10d, enter the underpayment here.......... 11a. b. If line 10d is larger than line 9, enter overpayment here................... 11b. Part II — Calculating the Penalty — For Quarters with entries on line 11a 12. Enter date of payment of the underpayment on line 11a or the 15th day of the fourth month after close of taxable year, whichever is earlier.. 12. 13. Number of months from due date of installment (line 8) to date shown on line 12. A part of a month is considered a whole month...................... 13. 14. Enter the rate from the table on next page............................................... 14. 15. Underpayment Penalty — Multiply underpayment on line 11a by the rate on line 14........................................................................................... 15. 16. Total of amounts shown on line 15. Enter result here and on Form 1040ME, line 34b or Form 1041ME, line 8b........................ 16._______________ (If zero, do not file this form. However, if you used the annualized income installment method, you must file this form even if the penalty amount is zero.) 17. Check here and on Form 1040ME, line 34b or Form 1041ME, line 8b, if you use the annualized income installment method...................... 17. FORM 2210ME INSTRUCTIONS Purpose of Form. Use this form to see if you must pay a penalty for underpaying your estimated tax or paying your estimated tax late. Use Part I to see if you paid enough estimated tax on time. If you did not, use Part II to calculate the penalty on any underpayment. Who Must Pay the Underpayment Penalty? In general, you will owe an underpayment penalty if your 2023 tax liability less allowable credits and withholding is $1,000 or more and your 2022 tax liability before tax credits, income tax withholding or any other tax payment(s) for the tax year was $1,000 or more. Note: Maine law disallows the use of the election to pay estimated tax based on the prior year’s tax liability when an unusual event occurs, such as realization of a large, one-time capital gain. You must pay 90% of the tax on the unusual event income for the installment period during which the unusual event occurs. An unusual event occurs when taxable income for the estimated tax installment period exceeds the taxable income received during the same period in the prior tax year by at least $500,000. If you received unusual event income during any estimated tax installment period beginning in 2023, you must adjust the estimated tax due on line 9 of this form for that period. You will not owe an underpayment penalty or need to file this form if your 2023 tax liability reduced by allowable credits and Maine income tax withheld is less than $1,000, or your 2022 tax liability was less than $1,000. Even though you are required to file this form, you will avoid the underpayment penalty if you paid at least 90% of the 2023 tax on time. Farmers and Persons who fish commercially. If you are a farmer or person who fishes commercially who files an income tax return and pays the tax liability in full on or before March 1 of the following year, no penalty is due. Payment Method. Individuals must make four (4) equal installment payments of estimated tax unless they can document the actual liability for each required installment of estimated tax. Use the actual liability method if your income varied during the year because, for example, you own a seasonal business or the majority of your income was received in one payment. Using this method may lower or eliminate the amount of your quarterly estimated tax payments. To calculate your actual liability, complete the Annualized Installment Worksheet for each payment due date and check the box on line 17 on this form and on Form 1040ME, line 34b or Form 1041ME, line 8b. Note: Forms are available at www.maine.gov/revenue/tax-return-forms. Computation of Underpayment Penalty. Calculate the penalty on the amount of the underpayment of each installment for the period of underpayment. The penalty rate for calendar year 2023 is .5833% per month or fraction thereof, compounded monthly. For calendar year 2024, the penalty rate is .8333% per month or fraction thereof, compounded monthly. Enter on line 14 the appropriate rate from the table below that corresponds to the number of months shown on line 13. Multiply the underpayment on line 11a by the rate on line 14 and enter the result on line 15. Do not calculate the penalty for the 4th required payment if the tax return for the taxable year is filed and the tax is paid in full by January 31. Fiscal-year filers may not use the table below. Number of months shown on line 13 1 2 3 4 5 6 7 8 9 10 11 12 Enter this rate on line 14, column A .005833 .011701 .017602 .023538 .029509 .035514 .041555 .047631 .056361 .065164 .074040 .082991 Enter this rate on line 14, column B .005833 .011701 .017602 .023538 .029509 .035514 .044144 .052845 .061619 .070465 Enter this rate on line 14, column C .005833 .011701 .017602 .026082 .034633 .043255 .051949 Enter this rate on line 14, column D .008333 .016736 .025209
Extracted from PDF file 2023-maine-form-2210me.pdf, last modified November 2023

More about the Maine Form 2210ME Individual Income Tax Estimated TY 2023

If you failed to pay or underpaid your estimated income tax for the previous year, you must fill out and file [[Form 2210ME]] to calculate and pay any interest or penalties owed.

We last updated the Underpayment of Estimated Tax in February 2024, so this is the latest version of Form 2210ME, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 2210ME directly from TaxFormFinder. You can print other Maine tax forms here.

Related Maine Individual Income Tax Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Maine Form 2210ME.

Form Code Form Name
Worksheet Form 2210ME Underpayment of Estimated Tax by Individuals, Estates, or Trusts

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Form 2210ME from the Revenue Services in February 2024.

Show Sources >

Form 2210ME is a Maine Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Maine Form 2210ME

We have a total of thirteen past-year versions of Form 2210ME in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form 2210ME

2020_form_2210_dec2020draft.indd

2019 Form 2210ME

2019_form_2210.indd

2018 Form 2210ME

2018_form 2210.indd

2017 Form 2210ME

2017_form 2210.indd

2016 Form 2210ME

2016_form 2210.indd

Underpayment of estimated tax 2015 Form 2210ME

15_1040_form 2210.indd

Underpayment of estimated tax 2014 Form 2210ME

14_1040_form 2210.indd

Underpayment of estimated tax 2013 Form 2210ME

12_1040_Form2210ME_downloadable.indd

2012 Form 2210ME

12_1040_Form2210ME_downloadable.indd

2011 Form 2210ME

11_1040_Form2210ME.indd


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